Australia's DroneShield hits near 4-week high on US expansion

Shares of defense tech firm DroneShield DRO.AX rise 9.4% to A$3.620, their highest since August 27

Stock set for biggest percentage gain since July 31

Stock is the top gainer on the benchmark S&P/ASX 200 index .AXJO, which is up 0.5%

Co says it will expand its R&D operations in the U.S. with a second location to its U.S. headquarters in Virginia

Combined with expanded R&D and planned U.S. production initiatives, the robust growth positions DroneShield to support U.S. Department of Defense’s push for fast, risk-embracing acquisition of cutting-edge counter-drone solutions - co

Under the Trump administration, the U.S. has been significantly increasing its military strength with the June-proposed budget focusing on high-tech missiles and drones

Stock up 374.5% YTD, including moves in current session